Rising spot iron ore prices in Chinese market showed some resistance after a sharp jump last week.Sources tell that steel mills are slightly cautious buying at current levels, although traders maintain bullish sentiment.
“Spot prices are more or less stable, apart from Brazilian fines which is being offered higher by 20-30 Yuan. With rising steel futures and hopes of economic recovery, many traders are still bullish that prices may climb further.” said a market source based in China.
Indian exporters heard to have made some offers for low grade iron ore in the market, although no confirmed deal has been done. Few trades of 62% Fe done at Rs 3600-3700/t, Delivered Vizag port. Mill scale offers being raised to Rs 4,800/t (Basic, Delivered Vizag Port).
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